2024 年 03 月 17 日 证券研究报告 | 事件点评报告 居民部门融资偏弱，企业部门延续"开门红 2024 年 2 月金融数据点评 投资要点 分析师：蔡梦苑 相关研究报告 对此我们点评如下： M2 同比增速维持在 8.7%。M1 增速由 1 月的 5.9%下滑至 1.2%。春节错 位也是影响 1、2 月份 M1 增速大幅波动的主要原因，但其绝对水平仍位于相对 低位，反映经济内生动能仍有待增强。 往后看，经济复苏过程仍有波折和反复，房地产市场尚未企稳，内需不足 矛盾仍需宽松政策加力。货币政策上，虽然 3 月 MLF 平价缩量续作，但在逆周 期调节政策发力的大背景下，降准仍有较大空间，但短期进一步降息的空间或 仍需等待汇率压力的减轻。 敬请参阅报告结尾处免责声明 华宝证券 1/8 事件点评报告 | --- | --- | |------------------------------------------------------------|-------| | | | | 图 1: 2 月新增信贷规模情况〈亿元〉 | | | 图 2: 2 月新增信贷分项情况（亿元） | | | 图 3: 2 月 30 ...

2024年 03月 14日 证券研究报告 |产业专题报告 光伏胶膜：行业盈利见底，“进入易经营难”构筑壁垒 光伏行业深度报告 电力设备及新能源 投资要点 投资评级：推荐（维持） 光伏产业链价格触底，需求复苏强劲。2023年，中国光伏产业经历了显著的 价格调整，从上游的硅料、硅片到下游的电池片和组件，各类光伏产品的价格 分析师：胡鸿宇 相较于年初水平均出现了明显的下滑，目前价格已接近底部，行业正处于去库 分析师登记编码：S0890521090003 周期。2024年3月组件全球排产55.95GW，环比+51%，需求端超预期。2024 电话：021-20321074 年预计全球光伏装机491.8GW，同比增长近20%；其中，预计中国新增光伏 邮箱：huhongyu@cnhbstock.com 装机230GW。 2023年胶膜行业竞争激烈，行业盈利下滑明显。目前，国内光伏胶膜企业呈 销售服务电话： 现“一超多强”的格局，福斯特市占率一直保持着50%以上，今年部分二三线 021-20515355 厂商借助资本市场强化产能建设，组件企业由集中趋向于分散，培育多供体系， 导致需求也向二三四线厂商扩散。对2023年胶膜 ...

2024年03月 08日 证券研究报告 | 金融产品年度报告 初心如磐，应势而谋 2023 保险资产管理年度报告 投资要点 分析师：王骅 分析师登记编码：S0890522090001 2023年保险资金运用整体回顾——行业规模增速稳中向上，多元配置、适当 电话：021-20321067 增配固收类资产熨平波动：保费收入抬升态势不改，健康险保费占比大幅收紧； 邮箱：wanghua@cnhbstock.com 资金运用余额高速扩张，多元配置、适当增配固收类资产熨平波动；另类投资 产品数量规模双双缩水，资产支持计划逆势而上、步入快车道。 研究助理：宋逸菲 2023年保险行业政策：监管新格局正式落成，制度铁篱笆不断扎紧；践行保 邮箱：songyifei@cnhbstock.com 险产品供给侧改革之路，覆盖细分业务领域规范真空带；乘养老之风，助力银 发经济；为实体经济输送养分，兜好保障民生底线。 销售服务电话： 2023年保险资产管理发展情况： 021-20515355 投行业务：2023年，保险资产管理机构和保险私募基金管理人累计发起设立各 类债权和股权投资计划465只，合计登记规模8018.46亿元；累计登 ...

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management market is transitioning from asset management to wealth management, driven by regulatory changes and evolving investor preferences [2][4] - As of the end of 2023, the total scale of bank wealth management products was 26.80 trillion yuan, showing a slight recovery from mid-2023 but still below the end of 2022 [2][17] - The report highlights a significant shift in the market, with bank wealth management products being surpassed by public funds in terms of scale for the first time, indicating a structural change in household wealth management [2][17] - The report identifies four main changes in the banking wealth management ecosystem in 2023: reduced market concentration, a focus on short-term pure bond products, fee reductions in response to public fund competition, and innovation in product strategies [2][4] Summary by Sections 1. Policy Review of the Banking Wealth Management Market - The regulatory framework for banking wealth management has been increasingly standardized since the introduction of the Asset Management New Regulations in 2018, with improvements in performance display rules in 2023 [10][11][14] 2. Overview of Banking Wealth Management Products - By the end of 2023, there were 258 banks and 31 wealth management companies with active products, totaling 39,800 products, a 14.86% increase from the beginning of the year [17][20] - Fixed income products accounted for 96.34% of the total wealth management product scale, reflecting a growing preference for stable returns among investors [25][28] 3. Changes in the Banking Wealth Management Ecosystem in 2023 - Market concentration has decreased, with some joint-stock banks significantly improving their rankings in wealth management product issuance [2][4] - The issuance of short-term pure bond products became a key trend throughout the year [2][4] 4. Characteristics of Wealth Management Products - The pricing power of wealth management products is currently more influenced by distribution channels rather than the asset side, indicating a need for improved professionalism in pricing [4][12] - The necessity of open-ended and short-term products is questioned due to unclear risk-return characteristics [4][12] 5. Future Outlook for Wealth Management Development - The report suggests that wealth management institutions need to evolve in product strategy, form, and marketing management to meet changing consumer demands [2][4] - Potential triggers for future development include the low interest rate environment, cash flow management, and the opening of advisory licenses to banks [4][12]